Chase Banking and Register FAQs

1. Who do I contact when I have a problem/question with my Affiliate’s bank account or the register?
   Please email treasury@asme.org or section@asme.org and a member of the ASME Staff will contact you within one to two business days.
2. What is the purpose of the affiliate register?
   The register has been developed to track and code banking transactions for Tax filing and financial reporting purposes.
3. What is transaction coding?
   All banking transactions will be coded in the unit register via a drop down menu according to the appropriate revenue or expense category to enable ASME to comply with various tax and financial reporting requirements. Proper coding will also allow ASME to provide each Affiliate with accurate tracking and reporting of their transactions.
4. When will transactions appear in the register?
   All transaction will appear on the register the next business day after the transaction is recorded in the Chase banking system. For example, transactions that are entered directly into the Chase banking system will appear the next day. If a manual/paper check is written it will appear 1-3 days after the person or company that receives it deposits the check into their bank account.
5. How do I code bank transactions?
   After the appropriate category is selected from the screen in the register with the dropdown menu, a screen will appear that will allow you to review all the coded transaction(s). From this screen you submit the coded transactions and ASME Staff will review the transactions and follow up on any related questions.
6. If a vendor provides multiple services that span across one or more categories, or a revenue transaction relates to multiple categories, how do I break out the coding in the register?
   In the register there is an option to split transactions to code multiple services for a single transaction.
7. Why do transactions need to be coded within 4 business days after month end?
   Transactions must be coded within 4 business days after month end to allow for timely financial reporting.
8. Why is a signature card required?
   A signature card is a standard requirement for the bank to maintain a signature specimen of the individual(s) who have signing authority on a bank account.
9. Who will be a signer on the bank account?
   The Affiliate’s Chair and Treasurer will be the two signers on the account. These same individuals will have access to the register.
10. How often will I need to update my signature card?
    Whenever there is a change in Chair or Treasurer the Affiliate will need to notify ASME Staff and update the signature cards. ASME Staff will facilitate the process for the Affiliate to add the new signer(s) and remove the old signer(s). Authorized users that maintain their Chair or Treasurer role will not need to renew signature cards.
11. How do we remove signers from the account?
    Please notify ASME Staff and they will remove the old signers from the account.
12. When do I need to contact Chase directly?
    In general, Affiliates will only deal directly with Chase when they visit a local branch. All other questions or correspondence should be directed to Staff (e.g., reset of user IDs and passwords, ordering new check stock, lost token).
13. How many signatures are required when writing a manual/paper check?
    Only one officer needs to sign a check if the amount is under $1,000. In compliance with ASME policy, two authorized individuals must physically sign every check over $1,000 or provide written authorization by the second individual if obtaining two officers signatures is unreasonable.
14. What will the procedure be if there is only one authorized signer in my Affiliate (e.g. there are no other Offers in my Affiliate other than the Chair)?
    The Affiliate must notify ASME Staff of the pending transaction and provide supporting backup for the transaction. When ASME Staff receives and reviews the backup for pending transaction and back up matches transaction detail in system, ASME staff will confirm the transaction.
15. What are the procedures to send an online payment?
    Any type of ACH, Wire or money transfer always requires processing by two individuals within the banking system. The first individual enters the transaction details and the second approves the transaction. After completing the transaction please write the confirmation number on the backup documentation (such as a vendor invoice) and keep for future reference.
16. When is backup documentation required for transaction?
    Each Affiliate is responsible for maintaining its own accounting documentation and should keep back up for all payments regardless of the dollar amount. If the dollar amount exceeds $500 a copy of the backup documentation must be submitted via file attachment functionality within the register at the time the transaction is coded. Sending faxes or postal mail is also an acceptable form of submitting documentation, but attaching files to the register is strongly recommended. For tax regulations purposes keep documentation for transactions for up to seven years.
17. How are manual/paper checks deposited?
    There are three ways to deposit a check:
    
    a. At a local Chase Branch
    b. Via smartphone or tablet using JPMorgan ACCESS APP
    c. Mail checks with a completed deposit ticket to ASME Staff to deposit on behalf of the Affiliate to the following address:
    
    ASME
    Attn: Accounting & Finance (Consolidated Banking)
    150 Clove Road
    Little Falls, NJ 07424-2100
    
18. What are the fees associated with consolidated banking?
    There will be monthly account service fees that ASME will pay. Other transaction fees may apply and will be paid by Affiliates (e.g., wire fees, stop check fees, deposits, wires, ACHs). Please contact ASME Staff via email (treasury@asme.org) with any questions.
19. Will the monthly banking statement be online or paper?
    Affiliates will receive their monthly bank statements online.
20. Who will have access to my Affiliate’s bank account information?
    In addition to the Affiliate’s Chair and Treasurer, ASME Staff will have access to the bank account.
21. How secure is this process?
    This is a secure on line banking system. To promote security each individual is given a user name, password, and number changing token device to sign onto the banking platform.
22. What is a token?
    A token is a security device issued by J.P. Morgan Chase that helps to prevent unauthorized access to Affiliate bank accounts. The token is specifically assigned to an individual and is used as an additional numerical password when signing onto Chase Access. The token code resets every 60 seconds. The bars to the left of the token code indicate when the token code will reset. Each bar ticks down in ten second intervals.
23. How do I order more checks?
    Submit a check order request form to ASME Staff via email (treasury@asme.org) . Allow up to 7-21 business days for processing.
24. What reports will be available and how do I obtain them?
    The applications and related reports are:
    a. Chase “Access” online banking system- for all bank account balances and transactions
    b. The account register - provides reporting by transaction type (check, ACH, deposits), by date, and by expense type
    c. ASME.org - for financial reports such as a profit and loss statements
    
25. When will financial reports be available to view?
    Financial reports will be available on ASME.org one to two business days after submission of coded transactions.